ST. JOHN'S, Newfoundland, July 23, 2018 (GLOBE NEWSWIRE) -- Karl Kenny, President and CEO of Kraken Robotics Inc. announces that he has signed a binding agreement to sell 1,500,000 common shares of Kraken Robotics Inc. (TSX-V:PNG) (OTCQB:KRKNF) (“Kraken”) to Ocean Infinity Limited. It is anticipated that closing will occur in early August.
Immediately after the sale, Mr. Kenny will own 26,243,383 common shares of Kraken representing approximately 22.7% of the Company’s issued and outstanding shares.
The current sale was completed by Mr. Kenny for personal income tax planning purposes. Mr. Kenny does not presently intend to make further divestitures or investments in Kraken, but may from time to time in the future increase or decrease his ownership, control or direction over securities of Kraken through market transactions, private agreements, or otherwise.
Mr. Kenny has filed on the SEDAR website (www.sedar.com) a report in accordance with NI 62-103.
(signed) “Karl Kenny”
Karl Kenny
President & CEO
Kraken Robotics Inc.